Detailed financial statements for British American Tobacco p.l.c. (BTI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
British American Tobacco p.l.c. provides tobacco and nicotine products to consumers in the United States, Europe, Latin America, Canada, the Asia-Pacific, the Middle East, Central Asia, Caucasus, and Africa.
Analysis Summary
British American Tobacco p.l.c. reported revenue of 25.61B GBP in the most recent fiscal year, growing at a 5-year CAGR of -0.1%. Net income reached 7.76B GBP, with a 3.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 60.2%, operating margin 37.6%, net margin 25.0%. Free cash flow grew at -9.0% CAGR over 5 years.
At $61.52 (closing price, October 30, 2026), BTI trades at a P/E of 15.97 and an ROE of 13.38%. Market capitalisation stands at $132.8B, placing it among large-cap names.
Balance sheet quality for BTI: current ratio of 0.9, net debt of 31.23B GBP. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of 5.79B GBP represents 75% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 14.13B GBP | 19.56B GBP | 24.49B GBP | 25.88B GBP | 25.78B GBP | 25.68B GBP | 27.66B GBP | 27.28B GBP | 25.87B GBP | 25.61B GBP |
| Cost of Revenue | 3.73B GBP | 5.03B GBP | 4.60B GBP | 4.46B GBP | 4.45B GBP | 4.60B GBP | 4.80B GBP | 4.89B GBP | 4.44B GBP | 4.23B GBP |
| Gross Profit | 10.40B GBP | 14.53B GBP | 19.89B GBP | 21.42B GBP | 21.33B GBP | 21.09B GBP | 22.85B GBP | 22.39B GBP | 21.43B GBP | 21.38B GBP |
| Research & Development | 144.0M GBP | 191.0M GBP | 105.0M GBP | 376.0M GBP | 307.0M GBP | 304.0M GBP | 323.0M GBP | 408.0M GBP | 380.0M GBP | 133.0M GBP |
| Selling, General & Admin | 2.10B GBP | 2.61B GBP | 3.00B GBP | 2.87B GBP | 3.76B GBP | 3.81B GBP | 3.83B GBP | 3.86B GBP | 3.95B GBP | 1.12B GBP |
| Operating Expenses | 3.58B GBP | 16.01B GBP | 9.98B GBP | 11.80B GBP | 11.37B GBP | 10.85B GBP | 12.33B GBP | 38.14B GBP | 18.56B GBP | 11.39B GBP |
| Operating Income | 5.26B GBP | 7.17B GBP | 10.03B GBP | 10.41B GBP | 9.96B GBP | 10.23B GBP | 10.52B GBP | -15.75B GBP | 2.74B GBP | 10.00B GBP |
| EBITDA | 5.24B GBP | 30.51B GBP | 10.58B GBP | 10.08B GBP | 11.80B GBP | 11.19B GBP | 12.58B GBP | 36.64B GBP | 7.74B GBP | 12.03B GBP |
| Interest Expense | 681.0M GBP | 1.20B GBP | 1.48B GBP | 1.81B GBP | 1.78B GBP | 1.49B GBP | 1.66B GBP | 1.89B GBP | 1.10B GBP | 1.93B GBP |
| Pre-tax Income | 6.25B GBP | 29.53B GBP | 8.35B GBP | 7.91B GBP | 8.67B GBP | 9.16B GBP | 9.32B GBP | -17.06B GBP | 3.54B GBP | 9.86B GBP |
| Income Tax | 1.41B GBP | -8.13B GBP | 2.14B GBP | 2.06B GBP | 2.11B GBP | 2.19B GBP | 2.48B GBP | -2.87B GBP | 357.0M GBP | 2.09B GBP |
| Net Income | 4.65B GBP | 37.53B GBP | 6.03B GBP | 5.70B GBP | 6.40B GBP | 6.80B GBP | 6.67B GBP | -14.37B GBP | 3.07B GBP | 7.76B GBP |
| EPS | $2.50 | $18.34 | $2.68 | $2.50 | $2.80 | $2.97 | $2.93 | $-6.49 | $1.37 | $3.51 |
| EPS (Diluted) | $2.49 | $18.28 | $2.66 | $2.49 | $2.79 | $2.96 | $2.92 | $-6.47 | $1.36 | $3.49 |
| Shares Outstanding (Diluted) | 2,264.7 M | 2,264.7 M | 2,264.7 M | 2,264.7 M | 2,264.7 M | 2,264.7 M | 2,264.7 M | 2,229.0 M | 2,225.0 M | 2,199.0 M |
Income Statement (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 13.53B GBP | 12.07B GBP | 13.54B GBP | 12.33B GBP |
| Gross Profit | 11.26B GBP | 10.09B GBP | 11.30B GBP | 7.28B GBP |
| Operating Income | -1.52B GBP | 5.07B GBP | 4.93B GBP | 4.71B GBP |
| EBITDA | 1.01B GBP | 6.19B GBP | 6.41B GBP | 6.08B GBP |
| Net Income | -1.42B GBP | 4.51B GBP | 3.25B GBP | 3.21B GBP |
| EPS | $-0.66 | $2.04 | $1.45 | $1.47 |
| EPS (Diluted) | $-0.66 | $2.04 | $1.45 | $1.46 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.20B GBP | 3.29B GBP | 2.60B GBP | 2.53B GBP | 3.14B GBP | 2.81B GBP | 3.45B GBP | 2.36B GBP | 5.30B GBP | 3.83B GBP |
| Short-term Investments | 15.0M GBP | 65.0M GBP | 178.0M GBP | 123.0M GBP | 242.0M GBP | 456.0M GBP | 579.0M GBP | 601.0M GBP | 513.4M GBP | 16.0M GBP |
| Receivables | 2.70B GBP | 3.31B GBP | 2.87B GBP | 3.37B GBP | 3.80B GBP | 4.07B GBP | 4.52B GBP | 3.79B GBP | 2.85B GBP | 3.80B GBP |
| Inventory | 5.79B GBP | 5.86B GBP | 6.03B GBP | 6.09B GBP | 6.00B GBP | 5.28B GBP | 5.67B GBP | 4.94B GBP | 4.62B GBP | 4.38B GBP |
| Total Current Assets | 12.36B GBP | 13.97B GBP | 12.65B GBP | 13.27B GBP | 13.61B GBP | 12.81B GBP | 15.41B GBP | 14.19B GBP | 14.29B GBP | 12.68B GBP |
| Property, Plant & Equipment | 3.66B GBP | 4.88B GBP | 5.17B GBP | 5.52B GBP | 5.06B GBP | 4.95B GBP | 4.87B GBP | 4.58B GBP | 4.38B GBP | 4.48B GBP |
| Goodwill | 11.02B GBP | 44.15B GBP | 46.16B GBP | 44.32B GBP | 43.32B GBP | 43.19B GBP | 47.96B GBP | 41.09B GBP | 41.13B GBP | 38.85B GBP |
| Intangible Assets | 1.09B GBP | 73.64B GBP | 77.85B GBP | 74.47B GBP | 72.02B GBP | 72.43B GBP | 81.12B GBP | 54.47B GBP | 53.15B GBP | 47.93B GBP |
| Total Assets | 39.77B GBP | 141.04B GBP | 146.34B GBP | 141.00B GBP | 137.69B GBP | 137.37B GBP | 153.55B GBP | 118.72B GBP | 118.90B GBP | 109.29B GBP |
| Accounts Payable | 7.33B GBP | 8.91B GBP | 10.63B GBP | 9.73B GBP | 9.69B GBP | 9.58B GBP | 10.45B GBP | 9.70B GBP | 9.56B GBP | 9.33B GBP |
| Short-term Debt | 3.01B GBP | 4.98B GBP | 3.75B GBP | 7.09B GBP | 3.90B GBP | 3.87B GBP | 4.27B GBP | 4.19B GBP | 4.17B GBP | 3.21B GBP |
| Total Current Liabilities | 11.86B GBP | 15.54B GBP | 16.33B GBP | 18.82B GBP | 15.48B GBP | 15.14B GBP | 17.85B GBP | 15.67B GBP | 18.74B GBP | 14.52B GBP |
| Long-term Debt | 16.47B GBP | 44.03B GBP | 43.28B GBP | 37.80B GBP | 39.59B GBP | 35.35B GBP | 38.35B GBP | 35.04B GBP | 32.19B GBP | 31.33B GBP |
| Total Liabilities | 31.37B GBP | 80.01B GBP | 80.65B GBP | 76.84B GBP | 74.73B GBP | 69.96B GBP | 77.84B GBP | 65.78B GBP | 68.90B GBP | 61.15B GBP |
| Retained Earnings | 3.33B GBP | 36.98B GBP | 38.56B GBP | 40.23B GBP | 47.19B GBP | 49.33B GBP | 51.20B GBP | 31.63B GBP | 26.02B GBP | 27.31B GBP |
| Total Equity | 8.18B GBP | 60.80B GBP | 65.44B GBP | 63.90B GBP | 62.67B GBP | 67.10B GBP | 75.37B GBP | 52.57B GBP | 49.64B GBP | 47.93B GBP |
| Total Debt | 19.50B GBP | 49.45B GBP | 47.51B GBP | 45.37B GBP | 43.97B GBP | 39.66B GBP | 43.14B GBP | 39.73B GBP | 36.95B GBP | 35.07B GBP |
| Net Debt | 17.28B GBP | 46.09B GBP | 44.73B GBP | 42.72B GBP | 40.59B GBP | 36.39B GBP | 39.11B GBP | 36.77B GBP | 31.14B GBP | 31.23B GBP |
| Working Capital | 503.0M GBP | -1.58B GBP | -3.67B GBP | -5.55B GBP | -1.87B GBP | -2.34B GBP | -2.44B GBP | -1.49B GBP | -4.45B GBP | -1.84B GBP |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 5.30B GBP | 4.40B GBP | 3.83B GBP | 2.52B GBP |
| Total Assets | 118.90B GBP | 110.23B GBP | 109.29B GBP | 108.39B GBP |
| Total Liabilities | 68.90B GBP | 63.05B GBP | 61.15B GBP | 59.79B GBP |
| Total Equity | 49.64B GBP | 46.87B GBP | 47.93B GBP | 48.38B GBP |
| Total Debt | 36.95B GBP | 35.33B GBP | 35.07B GBP | 35.06B GBP |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 4.65B GBP | 37.48B GBP | 6.03B GBP | 5.70B GBP | 6.40B GBP | 6.80B GBP | 6.67B GBP | -14.19B GBP | 3.18B GBP | 7.76B GBP |
| Depreciation & Amortization | 549.7M GBP | 812.3M GBP | 1.04B GBP | 945.5M GBP | 858.0M GBP | 944.9M GBP | 1.08B GBP | 24.00B GBP | 3.10B GBP | 2.27B GBP |
| Stock-based Compensation | 84.0M GBP | 117.0M GBP | 123.0M GBP | 120.0M GBP | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -797.0M GBP | -596.0M GBP | 1.47B GBP | -416.0M GBP | 429.0M GBP | -62.0M GBP | 103.0M GBP | -469.0M GBP | 5.78B GBP | -3.44B GBP |
| Operating Cash Flow | 4.61B GBP | 5.35B GBP | 10.29B GBP | 9.00B GBP | 9.79B GBP | 9.72B GBP | 10.39B GBP | 10.71B GBP | 10.12B GBP | 6.34B GBP |
| Capital Expenditure | -586.0M GBP | -791.0M GBP | -758.0M GBP | -664.0M GBP | -511.0M GBP | -527.0M GBP | -523.0M GBP | -460.0M GBP | -608.0M GBP | -551.0M GBP |
| Acquisitions | -57.0M GBP | -17.66B GBP | 12.0M GBP | -32.0M GBP | 100.0M GBP | -231.0M GBP | -39.0M GBP | 122.0M GBP | 1.53B GBP | 1.03B GBP |
| Stock Repurchased | -64.0M GBP | -205.0M GBP | -139.0M GBP | -117.0M GBP | -18.0M GBP | -82.0M GBP | -2.09B GBP | -110.0M GBP | -792.0M GBP | -1.15B GBP |
| Dividends Paid | -2.91B GBP | -3.46B GBP | -4.35B GBP | -4.60B GBP | -4.75B GBP | -4.90B GBP | -4.92B GBP | -5.11B GBP | -5.21B GBP | -5.12B GBP |
| Free Cash Flow | 4.02B GBP | 4.56B GBP | 9.54B GBP | 8.33B GBP | 9.28B GBP | 9.19B GBP | 9.87B GBP | 10.25B GBP | 9.52B GBP | 5.79B GBP |
Cash Flow (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 6.96B GBP | 2.31B GBP | 4.03B GBP | 2.60B GBP |
| Capital Expenditure | -492.0M GBP | -103.0M GBP | -448.0M GBP | -135.0M GBP |
| Free Cash Flow | 6.47B GBP | 2.21B GBP | 3.58B GBP | 2.47B GBP |
| Dividends Paid | -1.33B GBP | -2.61B GBP | -2.68B GBP | -2.65B GBP |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +38.5% | +25.2% | +5.7% | -0.4% | -0.4% | +7.7% | -1.3% | -5.2% | -1.0% | |
| Net Income Growth (YoY) | +707.5% | -83.9% | -5.4% | +12.2% | +6.3% | -2.0% | -315.5% | +121.4% | +153.1% | |
| EPS Growth (YoY) | +633.6% | -85.4% | -6.7% | +12.0% | +6.1% | -1.3% | -321.5% | +121.1% | +156.2% | |
| Shares Change (YoY) | +0.0% | +0.0% | -0.0% | +0.0% | +0.0% | +0.0% | -1.6% | -0.2% | -1.2% | |
| FCF Growth (YoY) | +13.2% | +109.3% | -12.6% | +11.3% | -0.9% | +7.4% | +3.9% | -7.2% | -39.2% | |
| Gross Margin | 73.6% | 74.3% | 81.2% | 82.8% | 82.7% | 82.1% | 82.6% | 82.1% | 82.9% | 83.5% |
| Operating Margin | 37.2% | 36.6% | 41.0% | 40.2% | 38.6% | 39.8% | 38.1% | -57.7% | 10.6% | 39.0% |
| EBITDA Margin | 37.1% | 156.0% | 43.2% | 38.9% | 45.8% | 43.6% | 45.5% | 134.3% | 29.9% | 47.0% |
| Net Margin | 32.9% | 191.8% | 24.6% | 22.0% | 24.8% | 26.5% | 24.1% | -52.7% | 11.9% | 30.3% |
| FCF Margin | 28.5% | 23.3% | 38.9% | 32.2% | 36.0% | 35.8% | 35.7% | 37.6% | 36.8% | 22.6% |
| Effective Tax Rate | 22.5% | -27.5% | 25.6% | 26.1% | 24.3% | 23.9% | 26.6% | 16.8% | 10.1% | 21.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.78 | $2.01 | $4.21 | $3.68 | $4.10 | $4.06 | $4.36 | $4.60 | $4.28 | $2.63 |
| Dividends Per Share | $1.28 | $1.53 | $1.92 | $2.03 | $2.10 | $2.17 | $2.17 | $2.29 | $2.34 | $2.33 |
| Shares Outstanding (Basic) | 2,253.7 M | 2,253.7 M | 2,253.7 M | 2,253.7 M | 2,253.7 M | 2,253.7 M | 2,253.7 M | 2,221.9 M | 2,214.0 M | 2,187.0 M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 13.38% |
| Return on Invested Capital | 7.62% |
| Return on Assets | 5.94% |
| Gross Margin | 60.16% |
| Operating Margin | 37.62% |
| Net Margin | 24.99% |
Financial Health
| Debt / Equity | 0.72 |
| Current Ratio | 0.84 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.77 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.26 | 2.70 | 9.32 | 12.81 | 9.80 | 9.31 | 11.28 | -3.61 | 21.18 | 11.97 |
| P/B | 12.57 | 1.84 | 0.86 | 1.13 | 0.99 | 0.93 | 0.99 | 0.99 | 1.29 | 1.92 |
| P/S | 7.28 | 5.71 | 2.30 | 2.79 | 2.40 | 2.43 | 2.69 | 1.91 | 2.48 | 3.59 |
| Gross Margin | 73.6% | 74.3% | 81.2% | 82.8% | 82.7% | 82.1% | 82.6% | 82.1% | 82.9% | 83.5% |
| Operating Margin | 37.2% | 36.6% | 41.0% | 40.2% | 38.6% | 39.8% | 38.1% | -57.7% | 10.6% | 39.0% |
| Net Margin | 32.9% | 191.8% | 24.6% | 22.0% | 24.8% | 26.5% | 24.1% | -52.7% | 11.9% | 30.3% |
Related companies: PM · MO · BATS.L · IMB.L
Explore sector: Consumer Defensive · Tobacco
More sections of BTI: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks